The Conservative Party is reeling from a devastating exodus of its financial backers, as multi-millionaire donors publicly defect to Nigel Farage's Reform UK in a move that threatens to cripple the Tories' election war chest.
The dramatic shift in allegiance was showcased at a glitzy fundraising dinner at the upscale 5 Hertford Street club in Mayfair, a notorious hub for Tory fundraising. The event, attended by a host of disillusioned former Conservative benefactors, signals a profound crisis of confidence in Rishi Sunak's leadership.
The Defectors: From Blue to Rebel Yellow
Among the most significant defectors is Jeremy Hosking, a fund manager who has donated over £1.5 million to the Conservatives since 2012. Mr Hosking confirmed his switch, stating his support now lies firmly with Reform UK, citing the Conservative Party's abandonment of its core principles.
He was joined by Mohamed Amersi, a prominent telecoms magnate and another major former Tory donor. Mr Amersi's presence at the Reform event underscores the growing appeal of Farage's party among the business elite. The guest list also included hedge fund manager Crispin Odey, further highlighting the migration of City money away from the Conservatives.
A Lavish Affair in the Heart of Toryland
The choice of venue was deeply symbolic. 5 Hertford Street, owned by Conservative donor Robin Birley, has long been the backdrop for exclusive Tory fundraising events. Its use by Reform UK represents a direct and brazen challenge to the Conservatives on their own turf, marking a seismic shift in the landscape of British political finance.
The event solidifies Reform UK's transition from a protest movement to a serious political operation with the financial muscle to contest a national election campaign effectively.
Deepening the Tory Financial Crisis
This donor rebellion compounds the Conservative Party's existing financial woes. The party is already reported to be grappling with severe cash flow problems, struggling to pay staff and fund its campaign operations. The loss of major donors like Hosking and Amersi is a catastrophic blow that could severely limit its ability to fight the upcoming general election.
The defections suggest that for a segment of the traditional Conservative base, patience has run out. Their move to Reform UK is a clear indictment of the current leadership and a bet on Nigel Farage's party as the true standard-bearer for right-of-centre politics in Britain.
This realignment of political funding promises to make the next election the most fiercely contested in recent memory, with Reform UK now armed with the resources to ensure its voice is heard loud and clear across the country.
